Squares in green; well Saipem takes top spot

(Alliance News) - European stock markets are moving in positive territory Friday, with trading rooms closely monitoring the global economic and interest rate outlook. Traders have remained cautious in recent days because of the latest round of economic data pointing to a solid U.S. economy.

These data, along with aggressive comments from several Fed officials, suggest that the Federal Reserve may maintain tight monetary policy for a longer time.

In Europe, final data released Friday confirmed that the German inflation rate stood at 6.1 percent in August, remaining significantly above the ECB's 2 percent target.

Thus, the FTSE Mib marks a 0.2 percent rise to 28,202.73 points.

The Mid-Cap advances 0.3% to 41,461.89, the Small-Cap is in the green 0.2% to 26,745.27, and Italy Growth marks a red 0.1% to 8,759.85.

In Europe, Paris' CAC 40 is advancing 0.2 percent, as are Frankfurt's DAX 40 and London's FTSE 100.

On the Mib, Saipem is off to a good start, advancing 2.1 percent. The company announced that it has been awarded two new contracts for offshore activities in the Ivory Coast and Italy, worth a total of EUR850 million.

Good buys also on Iveco Group, which aadvances 1.7 percent with new price at EUR8.98 per share.

Eni--down 0.3%--announced that it has successfully placed an offering with a total nominal value of EUR1 billion of senior unsecured sustainability-linked convertible bonds. The bonds will be convertible into Eni ordinary shares purchased under the share buyback plan approved at the May 10 Shareholders' Meeting.

FinecoBank, on the other hand, gives up 1.9 percent, following up on the previous three bearish sessions.

On the cadet segment, Industrie de Nora is advancing well, picking up 2.1 percent to EUR17.85 per share after two sessions among the bearish.

SOL, on the other hand, is advancing 1.9 percent after reporting first-half net income of EUR79.6 million from EUR64.7 million as of June 30, 2022. Consolidated sales for the period amounted to EUR735.7 million, up 12 percent from June 30 last year when they were EUR658.2 million.

Webuild -- up 0.3 percent -- on Thursday reported continued growth in Australia and expansion into segments new to the group. Australian subsidiary Clough won the AUD420 million contract to build the Shiplift at the Port of Darwin on Australia's north coast.

On the SmallCap, boost on Olidata, which continues the bullish trend that sees the stock in its third session of positive direction.

Softlab, equally in the high quarters, advances with 4.9 percent after eve's contraction with 5.8 percent.

Gas Plus, on the other hand, brings the price to EUR2.89, with a positive balance after the bell marking 5.9 percent.

In the rear, among others, Eurotech gives up 6.8 percent. The board of directors reviewed and approved the results for the first six months, a period that ended with a net result of a loss of EUR940,000, compared with a negative EUR4.26 million for the first six months of 2022. Revenues for the first six months of 2023 stood at EUR47.9 million compared to EUR34.74 million in the first six months of 2022.

Among the SMEs, in a still uneventful list, Intred advances 1.8 percent with price at EUR11.65, while Finanza.Tech marks a plus 1.3 percent at EUR0.74 per share.

Among the negative notes, Doxee is giving up 4.4 percent, placing it for the third session to close on the downside.

Among U.S. exchanges on the European night, the Dow Jones closed in the green by 0.2 percent, the S&P down 0.3 percent, and the Nasdaq finished down 0.9 percent.

Among currencies, the euro changed hands at USD1.0714 versus USD1.0706 in Thursday's European stock close, while the pound was worth USD1.2488 from USD1.2485 last night.

Among commodities, Brent crude is worth USD89.92 per barrel versus USD90.50 per barrel at Thursday's close. Gold, meanwhile, trades at USD1,924.85 an ounce from USD1,919.87 an ounce on Wednesday evening.

On Friday's economic calendar from the US, at 1600 CEST it will be the turn of wholesale sales data and at 1900 CEST will come the Baker Hughes plants report.

At 2230 CEST, as usual on Friday, the COT report will be released.

By Maurizio Carta, Alliance News reporter

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